WAICA Re’s environmental initiatives are aimed at promoting sustainability and mitigating climate-related risks. We invest in green bonds and other environmentally friendly assets, which support renewable energy projects and low-carbon technologies. Our products incentivise sustainable practices, such as offering lower premiums for energy-efficient buildings or for companies with strong environmental performance records.
The material ESG factors with respect to the environment are as follows:
Responsible Investment – Our investments are required to perform financially and sustainably. We therefore align our investments with the UNPRI and bear in mind the Paris Agreement’s goal of keeping the global average increase below 2° compared to pre-industrial levels. WAICA Re has investments across different geographies, economies, and products. Responsibly managing these assets, both its own asset and those of its clients, is paramount to the organisation.
Climate Related Risks: Physical and Transitional Risks – Climate physical risks refer to the direct impacts of climate change, such as extreme weather events, sea-level rise, and temperature fluctuations, which can damage infrastructure, disrupt supply chains, and affect ecosystems. Transition risks involve the economic and financial challenges associated with transitioning to a low-carbon economy, including policy changes, technological shifts, and market dynamics, which can affect asset values and profitability.
Both these risks are measured and managed for both our own operations and those of our investment. WAICA Re has set long term science-based targets and intends to reach Net Zero GHG Emissions by 2050. We undertake research and modelling to better understand climate change impacts, thereby enhancing risk assessment and management.
Carbon Footprint & Energy Efficiency – Our carbon footprint is one of the most critical ESG metrics in WAICA Re. This footprint has become a standard metric when measuring environmental impact. By reducing carbon emissions, WAICA Re can help slow climate change and preserve the environment. Our focus is on the reduction of our carbon footprint through the following initiatives and approaches:
- Digitalisation of our processes will lead to a reduction in printing consumables.
- Deploying cloud infrastructure reduces investment in the onsite data centre and purchased power consumption, thereby decreasing scope 2 emissions.
- Hold online and virtual meetings to reduce scope 3 emissions from business travels. In addition, the company’s cost of recruitment is now only advertising as all interviews are held virtually.
- Optimising renewal energy to reduce our scope 1 and 2 emissions.
To improve energy efficiency, we take appropriate steps, including turning off company lights, replacing lights with energy-saving bulbs, and shutting down and unplugging equipment after business hours. We also encourage our employees to use natural sunlight and well-ventilated open windows and doors instead of air conditioning. These activities reduce energy usage and have equal potential to improve employees’ wellbeing.